Maclay Group PLC (SC133543): administration
- Status
- Administration ended
- Administration began
- 2015-01-23
- Administrators
- Colin Peter Dempster, Gavin Yuill
- Administrators' firm
- EY
- Formerly
- Fraser & Carmichael (Holdings) Limited; Amountquest Limited
- Incorporated
- 1991-08-21
- Location
- Glasgow
- Industry
- 56302 Public houses and bars
Why it went into administration
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The Companies received funding from the Bank. This funding comprised a term loan of £10m and overdraft facility of £500k provided to MIL which is principally secured by a floating charge over MILs assets, standard securities over the Pubs, a floating charge over MG's assets and a cross guarantee between inter alia MG and MIL in favour of the Bank.
During a period of absence of a senior manager, the Directors identified an unexpected funding requirement which exceeded the Companies’ existing overdraft facility of £500k. That unexpected funding requirement was estimated to be c£630k in the short-term rising to c£1.2m in the medium-term. The Directors engaged the services of Saffery Champness to assist in investigating the cause of this unexpected funding requirement. These investigations identified that the principal cause of this funding requirement was an unanticipated liability of c£600k (excluding interest and penalties) due to HMRC in respect of under-deciared output VAT built up over a period of approximately twelve months. The total arrears due to HMRC are estimated to be c£1.9m.
Whilst MIL’s underlying business was profitable, the Companies had insufficient funds to
Administrators' statement of proposals (2015-03-23) · Companies House register